Podcast appearances and mentions of ben spiegel

Welcome to our latest episode, Scaling a $100 Million RV Park Portfolio with Ben Spiegel Real estate isn't just about homes and apartments—RV parks are emerging as a hidden gem in the investment world! In this episode, we sit down with Ben Spiegel, managing partner at Redwood Capital, to discuss how he's scaling a $100 million RV park portfolio and why the outdoor hospitality sector is a massive, untapped opportunity.  

In this episode of theRE Social Podcast, hostVince Rodriguez chats withBen Spiegel, founder ofRedwood Capital, to uncover his unique approach to real estate investment. Ben shares how his firm focuses on cash flow and risk-adjusted returns, staying asset-agnostic while building a diverse portfolio that includes multifamily buildings, mobile home parks, and RV parks. He takes us through his journey from Barclays Capital Investment Banking to launching Redwood Capital and offers invaluable insights on sourcing off-market deals, managing properties, raising capital, and navigating market shifts. Tune in for expert advice on how to break into real estate, the power of partnerships, and his views on home ownership vs. renting. Don't miss this episode. Listen now!Key Takeaways00:00:00Welcome to the RE Social Podcast00:01:32Early Investments and Strategies00:05:25Challenges in Real Estate00:08:54Crazy Eviction Laws00:19:05Asset Management and Team Structure00:24:00Property Management and Incentives00:29:47Asset Agnostic Approach00:32:03Implementing Chat Bots for Efficiency00:34:51Advice for New Investors00:35:30Finding Off-Market Deals00:39:10How to Partner for Success00:40:11Leveraging W2 Income for Investments00:42:07Special Situations and Unique Deals00:49:29Home Ownership vs. Renting00:54:49Connect with BenResources and Linkshttps://rwcapitalinvestments.com/https://www.linkedin.com/company/redwoodcapital/https://www.amazon.com/Raising-Private-Capital-Building-Peoples/dp/1947200984 Connect with Benhttps://www.linkedin.com/in/ben-spiegel/operations@rwcapitalinvestments.combspiegel@rwcapitalinvestments.comNeed Help? BOOK A CALL:https://anviinvest.com/consulting/ Learn more about AnVi Invest

Finding under the radar Real Estate niches is extremely difficult, especially with the amount of information readily available online. One exception in today's market is RV Parks. There are 1.2 million people that live full-time in RVs but there are only 600,000 pads for them to occupy when traveling.  In addition, 85% of RV parks are owned by owners who only own one park, and 50% don't even have websites and 70% don't take online reservations.  This is an asset class rife with opportunity. Ben Spiegel, Founder and CEO of Redwood Capital, is building a portfolio of RV parks in the south. Ben is implementing professional management and positioning them for sale to an institutional buyer. 

Ben Spiegel is the co-founder of Redwood Capital, a leading real estate investment management firm specializing in sourcing and managing undervalued commercial real estate investments. Leveraging his expertise in real estate, finance, and law, Ben focuses on building, operating, and selling luxury RV properties that deliver exceptional returns for investors. With a proven track record of driving occupancy, optimizing operations, and maximizing property value, Ben shares innovative strategies for monetizing pad sites, storage, and other offerings tailored to the modern generation of mobile owners. His approach combines strategic planning with hands-on management to create high-performing, institutional-quality assets in the luxury RV sector.   In this episode, we talk to Ben about luxury RV parks and investments, discovering niche assets, the rising trend of RVs and whether it's a passing fad or here to stay, and much more.   Announcement: Learn about our Apartment Investing Mastermind here.   RV Parks;   02:24 Ben's background; 17:25 Finding the niche asset; 22:53 An insight into the luxury RV market; 26:32 RV Trend: A fad or a permanent choice; 29:37 Round of Insights   Announcement: Download our Sample Deal package here.   Round of Insights   Apparent Failure: Losing his first deal. Digital Resource: LinkedIn. Most Recommended Book: Investment Banking. Daily Habit: Going to gym every day. #1 Insight for investing in RV parks: The best target is mom-and-pop operators. Being persistent and likeable is the key to success in this field. Best place to grab a bite in Manhattan, NY: Rao's.   Contact Ben: Website   Thank you for joining us for another great episode! If you're enjoying the show, please LEAVE A RATING OR REVIEW,  and be sure to hit that subscribe button so you do not miss an episode.

Ben Spiegel is based in Greenwich, Connecticut where he specializes in design and construction of luxury RV Parks. This is an asset class that is often overlooked. To connect with Ben, visit redwoodcapitaladvisors.com ---------------- Host: Victor Menasce email: podcast@victorjm.com

Have you ever wondered how the pandemic not only changed the way we work but also how we choose to invest, live and travel?    In this captivating episode, Angel Williams sits down with Ben Spiegel to explore the unexpected boom in the RV industry, fueled by the pandemic's lasting impact on work and lifestyle preferences. Ben, with his deep insights into the RV market, discusses the shift towards remote work, the rising demand for RVs among millennials, and how these trends are reshaping the concept of leisure and living. Through their conversation, we delve into the economic forces at play, the challenges of the RV industry, and the potential for innovation and disruption in outdoor hospitality.   Ben Spiegel is a seasoned investor in special situations, with a focus on maximizing value across diverse assets like real estate and private equity. With over $500 million deployed, he has a knack for identifying opportunities in complex situations. As the founder of Redwood Capital Advisors, LLC, Ben specializes in commercial real estate and capital raising, notably in luxury outdoor hospitality, aiming to build over 2,000 sites along the Gulf Coast. His prior experience includes roles at DG Capital Management and Barclays Capital, and he serves on several boards, enhancing his industry influence. [00:01:00-00:03:00] The New Road Warriors: Millennials are transforming the RV landscape, choosing nomadic lifestyles over traditional homeownership.   RV ownership demographics are shifting younger. The pandemic has accelerated the RV industry's growth. Challenges in meeting the demand for RV-friendly destinations.   [00:03:00-00:05:00] Beyond the Pandemic: A Lifestyle Revolution: How COVID-19 has permanently altered work and leisure preferences.   Remote work becomes a lasting trend. Increased valuation of leisure and self-care. The shift towards experiential living over material possessions.   [00:05:00-00:07:00] Economic Winds of Change: The financial realities prompting millennials to embrace RV living.   Skyrocketing housing prices and interest rates. The appeal of a nomadic, experience-rich lifestyle. Inflation and wage stagnation impacting living choices.   [00:07:00-00:09:00] Hospitality on Wheels: The evolving landscape of vacationing in an RV.   Cost-effective alternatives to traditional vacations. The integration of RV travel with mainstream hospitality brands. The role of technology and amenities in enhancing RV experiences.   [00:09:00-00:11:00] Steering Towards the Future: The potential for innovation in outdoor hospitality management.   The importance of human capital in the RV park and resort industry. Strategies for attracting and retaining top talent. The impact of ownership and incentive structures on operational success.   Quotes:   "Millennials are choosing to put their equity on wheels and live a nomadic lifestyle, valuing experiences more than traditional homeownership." - Ben Spiegel   "The pandemic was the fourth bullet point that launched the RV industry into the stratosphere, indicating a structural rather than a cyclical change." - Ben Spiegel   Connect with Ben:   Website: www.redwoodcapitaladvisors.com   Instagram: https://www.instagram.com/redwoodcapitaladv   LinkedIn:https://www.linkedin.com/company/redwoodcapital Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!   LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode. Are you confused about where to start? Join our community and learn more about real estate investing.  Head over to our Facebook Page, Youtube Channel, or website  https://www.theacademypresents.com/jointhesummit36848306. Connect with Lorren Capital, LLC. for syndicated multifamily investments, https://lorrencapital.com/. To learn more about me, visit my LinkedIn profile, and connect with me

What does it take to pivot from a high-stakes investment banking career to making waves in the niche and lucrative world of RV resorts and outdoor hospitality?   In this enlightening episode, Angel Williams and guest Ben Spiegel dive into the transformative journey from investment banking to creating a successful empire in the RV resort and outdoor hospitality industry. Ben shares his unique approach to investment, highlighting the importance of special situations that offer outsized returns with minimal risk. Through a series of insightful anecdotes and expert advice, listeners will gain a deeper understanding of the challenges and opportunities within the RV park investment landscape, from selecting the right location to understanding the nuances of operating in this specialized market.   Ben Spiegel is a seasoned investor in special situations, with a focus on maximizing value across diverse assets like real estate and private equity. With over $500 million deployed, he has a knack for identifying opportunities in complex situations. As the founder of Redwood Capital Advisors, LLC, Ben specializes in commercial real estate and capital raising, notably in luxury outdoor hospitality, aiming to build over 2,000 sites along the Gulf Coast. His prior experience includes roles at DG Capital Management and Barclays Capital, and he serves on several boards, enhancing his industry influence.   [00:01:00 - 00:03:00] From Wall Street to Main Street: Ben's transition from investment banking to real estate and entrepreneurship.   Leveraging finance experience in real estate investment. The decision to pursue entrepreneurship. Initial steps into the real estate industry.   [00:03:00 - 00:07:00] Navigating Niche Investments: Exploring unique opportunities from RV parks to tugboats.     Asset-agnostic investment philosophy. The appeal of special situations for outsized returns. Diversification across various real estate assets.   [00:07:00 - 00:11:00] The RV Resort Revolution: Ben's foray into outdoor hospitality and the challenges faced.   Initial hesitations and concerns about the RV business model. Importance of location and customer experience. Learning from experts to avoid pitfalls.   [00:11:00 - 00:15:00] Operational Insights & Industry Dynamics: Differentiating between resorts and communities.   The operational nuances of running RV resorts vs. communities. The significance of amenities and guest experience. Strategic considerations for location and investment.   [00:15:00 - 00:19:00] Future Trends & Success Strategies: Ben's vision for the future of RV resorts and keys to success.     Embracing technology and innovation in operations. The importance of long-term occupancy and customer loyalty. Anticipating market trends in outdoor hospitality.   Quote:   "I consider myself asset-agnostic... focusing on special situations where I can earn an outsized return with minimal risk." - Ben Spiegel   Connect with Ben:   Website: www.redwoodcapitaladvisors.com   Instagram: https://www.instagram.com/redwoodcapitaladv   LinkedIn:https://www.linkedin.com/company/redwoodcapital         Visit sponsorcloud.io/contact today and unlock $2,000 of free services exclusively for REI Rocks community members! Get automated syndication and investor relationship management tools to save time and money. Mention your part of the REI Rocks community for exclusive offers. Help make affordable, low-cost education summits possible. Check out Sponsor Cloud today!   LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode. Are you confused about where to start? Join our community and learn more about real estate investing.  Head over to our Facebook Page, Youtube Channel, or website  https://www.theacademypresents.com/jointhesummit36848306. Connect with Lorren Capital, LLC. for syndicated multifamily investments, https://lorrencapital.com/. To learn more about me, visit my LinkedIn profile, and connect with me  

Today my guest is Ben Spiegel.  Ben Spiegel is a successful investment manager with a decade long track record deploying over 300 million into special situations across diverse asset classes. And in just a minute, we're going to speak with Ben Spiegel about Syndication of Luxury RV Parks in southern Alabama and Mississippi.

J Darrin Gross  I'd like to ask you, Ben Spiegel, what is the BIGGEST RISK?   Ben Spiegel   So, land, like I said, we were talking on our economy. When we started our conversation before the podcast began, landlords are Sue land that landlords sued 25 times more than the next business than the next highest sued business. So we're already in a very elevated risk, risk type of business. So I think the major form of risk obviously, when you have ambulance chasers out there looking to profit off of almost any opportunity they can. And so it depends really, it for example, I own a multifamily in Bridgeport, Connecticut, which is, you know, about an hour away from me, and I found a tenant was putting marbles in the lobby, to try to encourage a slip and fall because she's unhappy about her current lease situation. I mean, I've really, I've seen it all. And so but what I went, I think what it comes down to protecting yourself is, when I first started and to give advice, when I first started in this business, I'm just looking to just minimize expenses, minimize expenses, minimize expenses, go with the lowest cost insurance carrier possible, whoever offered the lowest premium I'm dealing with. Now, after having over having over a decade of experience in this industry, I am more than willing to pay a premium for my insurance provider, knowing not necessarily that my deductible is lower, but knowing that they will be there to cover me. If it's not, it's not if it's when I was going to be sued by a tenant for a slip and fall, or maybe there's asbestos in the building, I don't know about that somehow found there, it really can be a there's 100 different things that can be I'd say that, you know, the, the greatest risk is just, it's just being a landlord and being in the position that provides a you're providing housing to people and that the what I guess what I'd like, you know, is just to really not skimp on insurance expense. And, you know, in terms of just like overall risk, I think we're seeing it right now, especially in syndication, a lot of syndicators, were willing to go with variable rate loans, you know, four or five years ago, just to get a lower rate, you know, overall rate in that in that moment, not looking at the future in terms of how rates could move. So that just comes back to just the general principle of having a longer term hold view of your investment, and really be willing to sacrifice a little bit of cost up Friday to potentially to hedge yourself for the long term environment. So that's what I would say on the I, in addition to just general liability and business replacement, business, income replacement insurance, also just in terms of when you're just kind of have a long term view when you're looking at financing and really tenant selection, and even the build quality when you're doing renovations, when you buy a building that has deferred maintenance Are you just going to put a bandaid on it and move along and just keep chugging along. But what you find with that is, you know, a couple months later, there's 20 More band aids as opposed to just biting the bullet in the beginning. Spending the upfront cost is uncomfortable and it's not it doesn't feel great in the moment of sort of curing all deferred maintenance just immediately after acquisition. But I am telling you, it will save you money in the long run over the long run. And it's in my opinion, it's a huge competitive advantage if you're willing to have have that operating strategy.  

Today's Gust is Ben Spiegel.   Ben is a experienced portfolio manager specializing in niche lower middle market commercial real estate opportunities.   Show summary: In this episode, Ben Spiegel, founder of Redwood Capital, discusses his transition from investment banking to real estate private equity, focusing on niche lower middle market opportunities. He shares his "asset agnostic" investment philosophy, in-house property management strategy, and his goal to build a premier outdoor hospitality brand. Ben also talks about the benefits of diversifying asset classes, the growth potential in the outdoor hospitality industry, and his success in developing luxury RV resorts, leveraging USDA loans for financing. He offers insights into selecting locations for RV parks and encourages engagement with his firm. -------------------------------------------------------------- Intro (00:00:00)   Transition to Real Estate (00:00:57)   Future Goals (00:02:25)   Operating Different Asset Classes (00:04:09)   Bullish on Outdoor Hospitality (00:05:14)   Luxury Outdoor Hospitality (00:06:51)   Financing and Development (00:10:51)   Location Selection (00:18:38) -------------------------------------------------------------- Connect with Ben:   Linkedin: https://www.linkedin.com/company/redwoodcapital   Instagram: https://www.instagram.com/redwoodcapitaladv   Web: www.redwoodcapitaladvisors.com   Connect with Sam: I love helping others place money outside of traditional investments that both diversify a strategy and provide solid predictable returns.     Facebook: https://www.facebook.com/HowtoscaleCRE/ LinkedIn: https://www.linkedin.com/in/samwilsonhowtoscalecre/ Email me → sam@brickeninvestmentgroup.com   SUBSCRIBE and LEAVE A RATING. Listen to How To Scale Commercial Real Estate Investing with Sam Wilson Apple Podcasts: https://podcasts.apple.com/us/podcast/how-to-scale-commercial-real-estate/id1539979234 Spotify: https://open.spotify.com/show/4m0NWYzSvznEIjRBFtCgEL?si=e10d8e039b99475f -------------------------------------------------------------- Want to read the full show notes of the episode? Check it out below: Ben Spiegel (00:00:00) - I don't think that it is that difficult to specialize in more than one asset class. And I think that when you when you don't subject yourself to specializing in one asset class, it enables you to really have a much more robust deal pipeline that allows you to source many more opportunities and therefore deploy more capital.   Sam Wilson (00:00:23) - Welcome to the how to Scale Commercial Real Estate show. Whether you are an active or passive investor. We'll teach you how to scale your real estate investing business into something big. Ben Spiegel is an experienced portfolio manager that specializes in niche, lower middle market commercial real estate opportunities. Ben, welcome to the show.   Ben Spiegel (00:00:45) - Thanks so much for having me.   Sam Wilson (00:00:47) - Absolutely. Ben. There are three questions I ask every guest who come to the show in 90s or less. Can you tell me where did you start? Where are you now and how did you get there?   Ben Spiegel (00:00:57) - Yeah. So I started on the investment banking side of things at Barclays. I quickly moved to the buy side, working at, uh, several, uh, special situations, hedge funds, uh, investing in, uh, distressed and, uh, stress, special situations, bankruptcies and restructurings.   Ben Spiegel (00:01:16) - Uh, I was there for about 4 or 5, six, seven years. And then when I, when I started working at those firms, I was smart enough to start taking half my bonus and buying real estate with that. And after being on the buy side for about 6 or 7 years, I was presented with an opportunity to buy a large non-performing loan, uh, and take it through bankruptcy and, uh, restructure it. And when I did that, I decided to leave the buy side, and that's when I started, uh, Redwood Capital, which is a boutique, uh, real estate private equity syndication firm. Um, so I, I have about 75 million under management, uh, right now, uh, fluctuates up and down. Uh, I invest really. I like to call myself asset agnostic and that I invest in everything from medical offices to, uh, to our to luxury RV resorts to multifamily. I don't really have a preference as long as it has, uh, cash flow and I can understand the drivers of it, I will invest in it.   Ben Spiegel (00:02:25) - And, uh, basically, where do I want to be? Uh, I want to be five, ten years from now. I want to have 1500 to 2000 pads, uh, under management or under my ownership, uh, in a private REIT that I'm currently forming right now. Uh, and to be a premier outdoor hospitality brand, uh, similar to a, a marriott or a Hilton, but, uh, of an outdoor hospitality style.   Sam Wilson (00:02:54) - Man, that's really cool. I love that you mentioned a lot of different asset classes there. Are you guys coming in just on the capital side on those or you actually operating the deals yourself?   Ben Spiegel (00:03:04) - No, we're we're we're we're operators as well. We have in-house property management. And uh, actually I just actually was talking to somebody about this the other day. I think that's really one of the most important and overlooked things in this business. I said that, uh, in real estate, if an asset is managed by a third party, it really will never reach its full potential.   Ben Spiegel (00:03:24) - Uh, because coming from the private equity world, incentive is being incentivized and having a sense of ownership is everything. So in every deal I do, I give my property manager internal property a piece of equity. And I also put them on a quarterly, uh, bonus structure, uh, that's tiered based on, uh, profitability of, uh, how the building does in terms of if it's clear, certain NOI hurdles, they get an incrementally higher bonus. And I have found over the years that that had the return on investment for that amount of money has been ten x.   Sam Wilson (00:04:02) - How what's that process been like, and how does your team juggle all these different asset classes?   Ben Spiegel (00:04:09) - So I guess, um, real estate compared to corporations where you have fluctuations, commodity price fluctuations, it's it's relatively straightforward. I mean, you have your revenue, your expenses. Uh, I mean, uh, there's some obviously variables related to the tenant structure, uh, the longevity of it, but I don't think that it is that difficult to, to specialize in more than one asset class.   Ben Spiegel (00:04:38) - And I think that when you when you don't subject yourself to specializing in one asset class, it enables you to really have a much more robust deal pipeline that allows you to source many more opportunities and therefore deploy more capital.   Sam Wilson (00:04:57) - Interesting. Okay. Very very cool. And the one thing that one focus of yours and you mentioned this here and kind of what your 5 to 10 year plan is, is that you are incredibly bullish on the outdoor hospitality space. You want to grow that side of your business. Can you give us some insight as to why?   Ben Spiegel (00:05:14) - Yeah. So just to kind of give you some quick four facts and a lot of people are really aware of. But right now the average age of an RV owner in the US is 32 years old, right? Last year, our 2022 460,000 new RVs were shipped, but only 17,000 new pads were built. The average age of the existing RV destination is over 40 years old, and 92% of which are owned by single owner Mom and pop that do not have the necessary resources to invest back into their businesses.   Ben Spiegel (00:05:54) - To bring the, uh, their destinations up to the level that the new generation of RV owner needs, such as even most. Most don't even offer Wi-Fi or cell service on their on their sites. To kind of give you an idea of how behind the industry is and what really, uh, makes things exciting is Covid just changed everything post-Covid, 60% of uh, uh, permanent office worker or office workers are now permanently remote. So you have this whole new lifestyle, this new nomadic lifestyle that's being embraced. And it's, uh, it's really catapulted the industry into a stratosphere that nobody really thought it could ever go.   Sam Wilson (00:06:40) - Buddy. And you're specifically focusing though on the luxury outdoor hospitality spaces. What does that mean and why is that?   Ben Spiegel (00:06:51) - Yeah. So luxury in terms of outdoor hospitality. Me it's more of an amenity focus. Uh, that it's luxury is it's certainly a lower bar than you would think of when compared to most other asset classes. Uh, luxury basically means you keep a clean site. You have a pool, you have a pickleball court, a gym, maybe a gym.   Ben Spiegel (00:07:15) - Uh, we have gyms. And, uh, we like to incorporate a work center, maybe, depending on the location. But, uh, there's two different, really, uh, main kinds of RV destinations. You have communities and resorts. So resorts are located very close to a major attraction, uh, close to Disney World, or they're right on the beach. Uh, and they're able to charge a higher average ADR average daily rate. But the downside with them is you have a lot of higher turnover. Your average day is 3 to 5 days max. So there's a lot of turnover, a much larger vacancy rate as opposed to a community where you're probably located. Still in a very convenient location right off the highway, but probably about 30 or 40 minutes away from like the beach. So I, I only focus on the Gulf Coast, more specifically, uh, Alabama, Mississippi and Louisiana. And, uh, so we're we a community would be about 30 to 40 minutes from the actual coast, uh, right off a hot, you know, a main highway.   Ben Spiegel (00:08:22) - Um, it would it still have, uh, not as many amenities as a resort, but but close to it. But the main difference is your average stay is 45 to 60 days. And, uh, you also need less, uh, staff to, uh, run it. So you're, uh, you're basically your your net operating margins are about 60%, compared to about 45 to 50 for a resort. And instead of operating at like a 30% vacancy or 30% vacancy, you're probably closer to an 18 or 20% for a community. So they both they compliment each other. Well.   Sam Wilson (00:09:03) - Got it. Okay, that's really interesting. And I guess how far how many of these do you own currently? And has your model evolved as you have bought different resorts over time?   Ben Spiegel (00:09:15) - Yes. So, uh, when I first started to get into looking at getting interested in the business, it was during Covid. And at that time, uh, existing RV destinations were trading at all time high valuations. I mean, I'm talking three, 3 or 4 caps for some of these and that were for that were like 30 or 40 years old.   Ben Spiegel (00:09:36) - And, uh, what really occurred to me is I could build at a cost per pad, brand new, at almost a similar cost, if not less than what what I would have to pay for a 30 or 40 year old one. So that got me, uh uh, on the path to starting a joint venture with a existing owner operator of RV destinations, who's also a feasibility consultant. And, uh, basically we formed a joint venture and, uh, we went off to start building, uh, luxury RV resorts and communities, uh, in, uh, mobile, Alabama, Biloxi, Mississippi, and even, uh, Gulfport. And, uh, so now we have two we have two sites, uh, combined, probably about 172 pads. And, uh, but we have, uh, we have land under contract to build, uh, 300 pads right now, uh, which is the by far the largest development we've ever done. And, uh, something, you know, really interesting about this industry that kind of even makes this whole dynamic even feasible.   Ben Spiegel (00:10:51) - There not a lot of people are aware about is, uh, the US Department of Agriculture has a very unique niche loan program called the Rural Business Development Loan Program, where they will lend 75 to 80% loan to construction cost, uh, to build an RV destination. I mean, think about it. So you're paying like we're in contract on a piece of land for $1.5 million. 40 acres. Uh, you know, about 35,000 an acre, you know, and our construction budgets? 15 million. What kind of lender in their right mind is going to lend you $15 million on a $1.5 million piece of collateral? No. So it's just, uh, without this program, it's just, uh, it's not unless you're a family office with, you know, so much cash that you can afford to fund the whole thing with cash and then refinance once you season the cash flow after, um, the USDA loan credit program is is critical to being able to to build these, uh, in most locations.   Sam Wilson (00:11:54) - Yeah. That's a that's crazy. I knew that the USDA had programs like this. I've not ever applied indoor. Um, actually work my way through that process. Especially not on an on a luxury RV destination project. That's, uh. But that's crazy. Yeah. That's crazy loan terms. I mean, does it ever, um, is there any, I guess, any concern as you look at that and you go, oh my gosh, like, we're almost over leveraging and or this is like, I don't know, I guess when you think about that, what are what are some what are some areas of concern. Because this allows you to do things that maybe otherwise wouldn't make sense. Right.   Ben Spiegel (00:12:29) - Yeah. Well, I mean, I guess one of the scariest things is you have to you have to show 1 to 1 asset coverage on a full recourse basis. So if something does not work out, uh, they're coming for me or they're coming for us. Uh, right. They're going to.   Ben Spiegel (00:12:45) - They're coming for everything. So you have to have a lot of faith in the project you're building. Um, one thing I'd say is that we we usually were never really we never really go above the 75% LTC level. And we have enough experience with our general contractor at this point, uh, that we. We know how the process goes. We know what to expect. We know what the costs are. We're comfortable with the bank. The banks that we deal with that are subsequently secured by the USDA. I mean, how it works is it's a 12 month draw. Schedule a draw once every 412, and then upon completion, it immediately converts to a 25 year amortizing facility. So there's like no refinance. It's it's it's a lot simpler than you think. As long as you can keep construction and think there's no vertical construction. I mean, the only vertical structure you're doing maybe is a single story clubhouse. Uh, you're just dredging. You're you're laying plumbing, electric fiber, and, you know, maybe doing some site work, uh, land moving, but that's really about it.   Ben Spiegel (00:13:55) - It's not high risk. You're not building a skyscraper. I mean, in my experience, you know, I've done ground up developments in Malta and in other areas. And, you know, usually the problems don't start. So you start going vertical and. Right, um, you know, so the fact that you don't really have to do any vertical, I mean, not only is your construction time cut by 75%, you know, it's a year versus four. Um, but it's just that's honestly the big kicker that makes it that makes you comfortable with it. Uh, I would not take on those kind of recourse terms to, to build, to build a regular multifamily building, that's for sure.   Sam Wilson (00:14:34) - Right. Yeah. There are there are certainly strings attached there. And I guess that when that 12 months is up, that's when that loan starts to a fully amortized fixed interest rate 25 year loan. So you don't really know. In the end, I guess you're underwriting a range. You're like, hey, you know, it could land here, could land there on your final fixed interest rate.   Ben Spiegel (00:14:58) - So basically it's usually a, uh, between a 25 and 50 basis point spread above the Wall Street prime rate, which right now is about, uh, seven, three quarter percent. So, uh, it's not it's not very cheap, but it's not insane. It's not like normally you'd have to go to a bridge lender and you'd be paying 13, 14% and three points upfront, and you'd only be getting 40% LTV if you're lucky, even full price. And then the cash on cash returns just do not make sense. So you kind of how are you going to syndicate a deal like that? Uh, the deal, you know, only really makes sense with these loans, so. And but and then there's on smaller and smaller destinations, like I'm going into contract on ten acres, uh, on the beach in, uh, in Long Beach, Mississippi, which is right down, down from Gulfport, uh, west of Gulfport. And, uh, it's going to be about 120 pads. And the development budget, there's about, uh, 6 million there.   Ben Spiegel (00:16:02) - You can you can get a local bank to get you to get you 65, 70%. Uh, it's recourse. But, um, uh, you know, you know, relative relatively similar borrowing rate. So you want to be very selective. And also the USDA has a max if you want to go above 25, you can't have more than 25 million outstanding at any one time. So once you hit that $25 million mark, you kind of have to start to, to, uh, try alternative sources, whether that's, uh, talking to a life insurance company, going to other private areas to borrow money once you have proof of concept or your track record. But, uh, they do have that $25 million mark. But then you're all there's ways around it to mix in some SBA or, uh, 500 sevens in there to kind of, uh, dilute it a little bit. There's ways to get around it, but you want to be very careful. It's not something you want to just take on very lightly.   Sam Wilson (00:16:58) - No, certainly not. And that that makes sense. And I think the other thing to point out here is I bet there's probably some multifamily investors who are listening to this right now and they're like, wait seven and a half or seven and three quarters plus 50 basis points, and now you're at 8.25% and they're going, oh my gosh, that's unsustainable. But the margins inside of the outdoor hospitality space that just want to point out are probably a lot more robust, maybe, than what you would find in a multifamily project.   Ben Spiegel (00:17:26) - Oh, absolutely. And you also have to understand, uh, from an expense ratio standpoint, the taxes down there or nothing. And the reason why you're in that space is you you literally you just own the land. Uh, you don't have any repairs and maintenance. Uh, something breaks in the RV. It's not your dime. If anything, you sign an exclusivity agreement with a repair company, and you take a piece of all the money that they make repairing them. Right? So that's, you know, it's, uh, there's multiple, uh, you know, ways to, to generate incremental income.   Ben Spiegel (00:18:01) - And, uh, it is very sustainable at those rates. Uh, man, we're able we're I mean, we're throwing off I don't know if we were throwing off, you know, mid to high teens, uh, leverage free cash flow yields. And, uh, we target a 4 to 5 year over a 4 to 5 year hold, period. Uh, LP equity multiple between two one and 23X.   Sam Wilson (00:18:22) - Right. Oh, that's really cool. I love that last question for you here, Ben, before we sign off on this, how do you go about determining what a good location is to build an RV park or luxury RV park ground up.   Ben Spiegel (00:18:38) - Absolutely. So there's a few, uh, items on the checklist that you always have to abide by. Um, one, you have to be very close to a major interstate. I mean, within maximum of 1 to 2 miles. And that interstate has to be seeing at least, uh, a traffic count of, uh, you know, 50,000 vehicles per, you know, 50,000 plus vehicles per day.   Ben Spiegel (00:19:04) - Uh, number two, uh, you you need to be within ten mile, ten miles of a Walmart. Uh, I that's that's not an industry standard. That's my own. Our personal underwriting. I just feel that Walmart has the most, uh, advanced population analytics software, uh, in the real estate industry. And they're not building a supercenter in an area where the population is going to be declining, um, let alone it's definitely going to be steady if not growing. Also, I, I only choose to build along the Gulf Coast in the southeast where they're experiencing, uh, huge, uh, migration rush, uh, in terms of population and wealth. Uh, they have an abundance of water and electricity to things that are a lot of areas of the country don't have. You can't build a factory now in most areas of the country because they don't have enough water. Uh, you want to see, uh, you want to see the population growing at a certain clip? You want to pay attention to, uh, RV, uh, RV permits.   Ben Spiegel (00:20:15) - What? What they're going what's going on with how much they're rising by. And, uh, if you want, you want to be in a good school district and you want to be on a you want you want to have some frontage to a main road as well.   Sam Wilson (00:20:28) - That's fantastic.   Ben Spiegel (00:20:30) - And then on top of that, you pay a consultant a lot of money to do a robust feasibility analysis to give you an 80 page report just to back all that up.   Sam Wilson (00:20:38) - Right, right. So you take all the all the data you have, and then you also pay somebody a whole bunch of money. I love it. Ben Spiegel, thank you for taking the time to come on the show today. I've learned so much from you. I love what you're doing in the outdoor hospitality space. There's not many people who have the courage and the requisite skill set to go out and build new RV parks in the ground up, especially not luxury ones. So I love it, man. Thank you for saying that.   Ben Spiegel (00:21:01) - If I can do it, anyone can do it.   Sam Wilson (00:21:04) - I doubt that's true, but I certainly appreciate the humility. If our listeners want to get in touch with you or learn more about you, what is the best way to do that?   Ben Spiegel (00:21:11) - Yeah, absolutely. Uh, Redwood Capital advisors.com and website. Uh, I have Calendly book a call with me. Uh, I'm on LinkedIn. Uh, Instagram handle is Redwood Capital ADV. Um, I'm always, uh, always happy to chat about anything real estate related.   Sam Wilson (00:21:31) - Fantastic. Ben Spiegel, thank you again for coming on the show today. I certainly appreciate it. Have a great rest of your day.   Ben Spiegel (00:21:36) - Thank you so much, Sam. Thanks so much for having me.   Sam Wilson (00:21:38) - Hey, thanks for listening to the How to Scale Commercial Real Estate podcast. If you can, do me a favor and subscribe and leave us a review on Apple Podcasts, Spotify, Google Podcasts.   Sam Wilson (00:21:49) - Whatever platform it is you use to listen. If you can do that for us, that would be a fantastic help to the show.   Sam Wilson (00:21:55) - It helps us both attract new listeners as well as rank higher on those directories. So appreciate you listening. Thanks so much and hope to catch you on the next episode.

Did you know the average age of an RV owner in the United States is now 32, a significant shift from 62 a decade ago?    What does this radical change signify for the future of luxury RV communities and real estate investment?   In this enlightening episode of the Passive Wealth Strategy Show, host Taylor Loht engages with Ben Spiegel, a seasoned real estate investor with a flair for unconventional investments. Ben delves into his journey from working in investment banking to real estate, eventually finding a niche in luxury RV communities. He shares insights on the shifting demographics of RV owners, the supply-demand imbalance in RV parks, and the compelling economics behind investing in these communities. The discussion also uncovers the unique challenges and opportunities in developing luxury RV destinations, highlighting the intersection of real estate investment and lifestyle trends.   Benjamin Spiegel boasts a decade-long track record as a highly successful special situation investor, specializing in diverse asset classes. His expertise spans commercial real estate, direct lending, and private equity, with a proven history of deploying over $500 million across various firms. As the Founder and General Partner of Redwood Capital Advisors, LLC, Benjamin's primary focus revolves around lower-middle-market commercial real estate and capital raising.    (00:00:00 - 00:05:00) The Evolution of a Real Estate Investor    The importance of starting small and scaling in real estate Leveraging professional experience for investment insights The value of diversification in real estate portfolio   (00:05:01 - 00:10:00) Discovering the Niche: Luxury RV Communities    Identifying and capitalizing on emerging real estate trends Understanding demographic shifts for investment decisions The appeal of luxury amenities in RV communities   (00:10:01 - 00:15:00) Supply-Demand Dynamics in RV Investments    Recognizing supply-demand gaps as investment opportunities Adapting to changing work and lifestyle trends Importance of location and amenities in RV community success    (00:15:01 - 00:20:00) Strategic Development and Location Selection   Strategic location selection for maximum impact Balancing cost and luxury in development Importance of understanding local regulations and incentives   (00:20:01 - 00:25:00) Financial and Tax Implications    Navigating financing options for real estate projects Leveraging government incentives for investment advantage Tax strategies in real estate investment Book recommendation: Investment Banking: Valuation, Leveraged Buyouts, and Mergers and Acquisitions Who inspires Ben?: Making his investors happy!   Quotes:   "The average age of an RV owner in the United States is now 32, a dramatic shift from a decade ago." - Ben Spiegel   “In real estate, the only thing you can control is your cost basis." - Ben Spiegel   Connect with Ben:   Website: https://redwoodcapitaladvisors.com/ Apply to Invest with Taylor at www.investwithtaylor.com Track your wealth for free with Personal Capital, go to www.escapingwallstreet.com Please leave a review and help others escape Wall Street and build wealth on Main Street!  

Unlocking the Potential of RV Communities Meet Ben Spiegel, an authority on RV community development and operations. As General Partner of Redwood Capital Advisors, Ben leverages his multifaceted expertise in real estate, finance and law to build, operate and sell luxury RV properties generating outsized returns. Learn how Ben assesses ideal locations and designs communities targeting millennial RV owners Hear how specialized USDA financing provides inexpensive leverage for developers Discover effective strategies to drive occupancy, optimize operations, and maximize property value If you want to profit from the RV revolution, join us for an insightful discussion. Ben shares proven methods for building and monetizing pad sites, storage, and other offerings tailored to this new generation of mobile owners.

Welcome back to the daily real estate syndication show. I'm your host, Whitney Sewell, and in today's episode, we had the pleasure of speaking with Ben Spiegel, a General Partner and Portfolio Manager at Redwood Capital Advisors. Ben brought to light the burgeoning asset class of luxury RV destinations, which is gaining more traction than ever before.Ben shared some eye-opening statistics that set the stage for the potential in the luxury RV destination industry. The average age of RV owners has dropped significantly, and there's a stark contrast between the number of new RVs sold and the number of new pads built, indicating a ripe market for development.We delved into the lifestyle changes post-COVID, where millennials are opting for a nomadic lifestyle, valuing experiences over material possessions. Ben explained how this shift has led to a demand for luxury RV communities, which offer a more stable cash flow due to longer average stays compared to RV resorts.Redwood Capital Advisors focuses on new construction of RV communities, emphasizing the benefits of horizontal development, which is less complex and quicker than vertical construction. Ben highlighted the advantages of building communities over resorts, such as lower turnover and operational costs, leading to better operating margins.Ben also touched on the unique financing opportunities available through USDA loans for rural development, which offer favorable terms and help make these projects feasible. He shared insights into the profitability of these luxury RV destinations, including the potential for selling individual pads to owners.As we wrapped up, Ben shared his outlook on the real estate market, expressing caution and advising investors to seek unique opportunities with clear competitive advantages. He also shared his commitment to giving back to the community through volunteering and mentoring underprivileged children.For those interested in learning more about Redwood Capital Advisors and their work in luxury RV destinations, Ben invites listeners to visit their website and connect on with him on LinkedIn.Remember to like, subscribe, and share the Real Estate Syndication Show with friends who are keen on exploring innovative real estate investment opportunities.VISIT OUR WEBSITEhttps://lifebridgecapital.com/Here are ways you can work with us here at Life Bridge Capital:⚡️START INVESTING TODAY: If you think that real estate syndication may be right for you, contact us today to learn more about our current investment opportunities: https://lifebridgecapital.com/investwithlbc⚡️Watch on YouTube: https://www.youtube.com/@TheRealEstateSyndicationShow

Originally a Patreon exclusive, this special episode contains the prototype that eventually led to Undercooked Analysis. Recorded way back in March of 2014, this impromptu session has David and friends Ben Spiegel, Sean Holt, Ty Lucas and Kyle Duncan reading through "Jeff the Killer," and stumbling over what UCA originally tried to do: understand what it is that made this story and its namesake character so popular in the wider Creepypasta mythos.If you're interested in what other weird gems we have hidden in the vault these past 7 years, consider joining our Patreon.

David, Allen and Ben Spiegel record at the 11th hour and butcher a perfectly good story about hungry scary bird people.Story submitted by Holly Stittle on behalf of Alice Moulin.

David and returning guest Ben Spiegel, normally able to record in the same space, find themselves menaced by recording lag and a looming deadline as they read this story about a delayed train and an eerie station,Story submitted by TheRe_Writes. Read along here.Guns Don’t Lie

Ben Spiegel is our guest once again to talk about this 1996 stop-motion marvel about a boy, some bugs, and a very big fruit. Discussion includes magical realism and defining it in the world, an introduction to Randy Newman, and rhinos being a metaphor for car accidents.

Does everybody really want to be a cat? Kaela and David ask returning guest Ben Spiegel this and many other questions as they push through the cat door of this 1970 feline flick set in turn-of-the-century Paris. Topics include crazy cat ladies, cartoon chase sequences, anachronistic jazz, why Thomas O’Malley is a saint, and how to make Creme de la Creme ala Edgar.

Ever wonder what a silent podcast would be like? Wait, nevermind... Here's David, Kaela and Ben Spiegel talking about a spooky silent film story, featuring an in-story cameo by Allen's ancestor, Lon Chaney.Story by ArcticWolf. Read along here.

Sam and Nathan have been best friends since childhood, and their regular camping trip has become a tradition for just the two of them and Nathan's dog, Mikey. This year, however, things take an unusual turn when they realize they're not alone in their neck of the woods...Featuring the voices of (in order of appearance) Ben Spiegel, Ty Lucas, Kaela Berry and David King.Written by Jesse "Seid" Reyes and David King.Music by Kevin MacLeod. "Skully's Love" is by Knightmare. Mixed and edited by David King.

Kaela, David and special guest Ben Spiegel (writer, director, and progeny of Imagineer Steve Spiegel) discuss woodland hierarchy, tonal whiplash and how Man is the truest evil in this pastoral coming-of-age story from 1942.

A little boy, terrified of the dark, gets a special gift from his mother: a sock-monster dubbed Mr. Ickbarr Bigelsteine, meant to drive away the scary creatures that seem to lurk just on the edge of the boy's imagination... Featuring the voices of (in order of appearance) Ben Spiegel, Oliver Stafford, Sasha Kuczynski, Edward Stafford and David King.Opening theme by John King; additional music by Kevin MacLeod.Mixed and edited by David King.Produced by Kaela Berry.Based on the original story by Stephen D. Harris. Read it here.Adapted by Kaela Berry and David King.

For a woman working at a daycare center, crying children are the least of her worries after a mysterious, handsome stranger arrives to fulfill an agreement... Featuring the voices of (in order of appearance) Peter Srinivasen (Random Encounters), Marissa Marinello, Aleu Moana (YouTube; Twitter; Facebook), Nick Jewell (Loading Checkpoint) and Jeremie Peters.Music by Kevin MacLeod and myuu.Mixed and edited by David King.Based on "Daycare," by Straydog1980. Read the original here.Adapted by David King and Ben Spiegel. 

Johnathan sat trembling in the dark... Featuring the voices of Matt Holley, Ben Spiegel and Sean Holt (20/20 Gaming)Music by Kevin MacLeod.Mixed and edited by David KingOriginal story by Eric AMBM (ericAMBM.deviantart.com)